Various liability insurers of former managers of Steinhoff International Holdings will contribute up to €78.1m to a part of the damage resulting from balance sheet manipulations. As announced by Steinhoff, the so-called D&O insurers (directors & officers) are liable for the sum incurred through the misconduct of a total of 20 former Steinhoff managers, including company founder Bruno Steinhoff and the former chairman of the supervisory board Dr. Christo Wiese. Former CEO Markus Jooste, ex-CFO Ben La Grange, former director Stephanus Johannes Grobler and former European CFO Siegmar Schmidt are excluded.
Deloitte Accountants and Deloitte & Touche South Africa will also contribute to the settlement presented in summer 2020, according to which shareholders and business partners affected by the balance sheet irregularities which became public in December 2017 are to receive compensation of approximately €860m. This was already announced by Steinhoff in February. Deloitte, as Steinhoff’s long-term auditor, had audited the manipulated balance sheets and now accordingly wishes to offer contributions of up to €77.94m.
